Mitsubishi Corporation Subsidiary Revision of Earnings Forecasts (8355R)

TIDM17NX

RNS Number : 8355R

Mitsubishi Corporation

31 October 2023

Translation of report filed with the Tokyo Stock Exchange on October 31, 2023

Notice Regarding Revision of Forecast for Non-Consolidated Results for

Fiscal Year Ending March 31, 2024 for Nihon Shokuhin Kako Co., Ltd.

Mitsubishi Corporation (MC) today announced that its consolidated subsidiary Nihon Shokuhin Kako Co., Ltd. (Nihon Shokuhin) has provided information regarding the revision of its forecast for non-consolidated results for the fiscal year ending March 31, 2024.

The current situation is expected to have a negligible impact on MC's consolidated performance.

Please see the attached documents from Nihon Shokuhin for details.

Translation of report filed with the Tokyo Stock Exchange on October 31, 2023

Notice Regarding Revised Forecast for Non-Consolidated Results

for Fiscal Year Ending March 31, 2024

This notice serves to provide information on a revision of Nihon Shokuhin Kako Co., Ltd. (Nihon Shokuhin)'s non-consolidated results forecast for the fiscal year ending March 31, 2024.

Details are as follows.

1. Differences between Nihon Shokuhin's forecast for the fiscal year ending March 31, 2024 that was announced on April 28, 2023 and its revised forecast that was announced today

(for period beginning on April 1, 2023 and ending on March 31, 2024)

 
                      Net Sales   Operating   Ordinary    Net Income   Net Income 
                       (million    Income      Income      (million     Per Share 
                       yen)        (million    (million    yen)         (yen) 
                                   yen)        yen) 
 Previous forecast 
  (A)                    66,000       1,800       2,000        1,700       345.63 
                     ----------  ----------  ----------  -----------  ----------- 
 Revised forecast 
  (B)                    66,500       3,000       3,300        2,700       548.95 
                     ----------  ----------  ----------  -----------  ----------- 
 Difference 
  (B-A)                     500       1,200       1,300        1,000            - 
                     ----------  ----------  ----------  -----------  ----------- 
 Difference 
  (%)                       0.8        66.7        65.0         58.8            - 
                     ----------  ----------  ----------  -----------  ----------- 
 Actual results 
  (for fiscal 
  year ended 
  March 31,2023)         64,612       3,540       3,341        2,605       529.79 
                     ----------  ----------  ----------  -----------  ----------- 
 

Reasons for Revisions:

- Sales volume is expected to be much higher than expected, thanks largely to strong sales of saccharified products for beverages, demand for which increased due to the hot summer and resumption of economic activity.

- Sales are expected to decrease due to lower grain prices, Improving production efficiency and reducing various costs.

- Based on the above, the full-year forecast for Sales, Operating income, Ordinary profit and Net income are expected to exceed the previous forecast.

   2.    Dividend of surplus (interim dividend) and Revision for Dividend Forecast 

(1) Dividend of surplus (interim dividend)

 
                   Determined Amount   Previous forecast   Previous period 
                                        (July 31, 2023)     results 
 Reference date      September 30,       Same as left             - 
                          2023 
                  ------------------  ------------------  ---------------- 
 Dividend per          100.00yen           60.00 yen              - 
  share 
                  ------------------  ------------------  ---------------- 
 Total dividend    491(million yen)            -                  - 
  amount 
                  ------------------  ------------------  ---------------- 
 Effective date    December 5, 2023            -                  - 
                  ------------------  ------------------  ---------------- 
 Dividend source        surplus                -                  - 
                  ------------------  ------------------  ---------------- 
 

(2) Revision for Dividend Forecast

 
                                               Annual Dividend 
                     End of         End of           End of           End of      Total 
                      1st quarter    2(nd) quarter    3(rd) quarter    Fiscal 
                                                                       year 
                    -------------  ---------------  ---------------  ----------  ------- 
 Previous forecast        -           60.00 yen            -          65.00 yen   125.00 
  ( July 31,                                                                         yen 
  2023) 
                    -------------  ---------------  ---------------  ----------  ------- 
 Revised forecast         -               -                -             100.00   200.00 
                                                                            yen      yen 
                    -------------  ---------------  ---------------  ----------  ------- 
 Current year             -           100.00yen            -             --         -- 
  results 
                    -------------  ---------------  ---------------  ----------  ------- 
 Previous year            -               -                -             180.00   180.00 
  results                                                                   yen      yen 
  (for fiscal 
  year ended 
  March 31, 
  2023) 
                    -------------  ---------------  ---------------  ----------  ------- 
 

Reason for Revisions:

- The year-end dividend has been revised to 200.00 yen per share in accordance with the aforementioned revision of the company's full-year earnings forecast.

* The above forecasts are based on information currently available, but actual results may vary due to future circumstances.

(End)

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October 31, 2023 03:00 ET (07:00 GMT)